Monday, February 17, 2014

Action Insight Daily Report 2-17-14

Action Insight	Candlesticks Trades	Markets Summary	Action Bias	Top Movers	Daily Technicals
Calendar	Elliott Wave Trades	Markets Volatility	Pivot Points	Heat Map	Daily Fundamentals

Action Insight Market Overview	Markets Snapshot
Daily Report: Yen Lacks Direction after GDP Miss, Dollar Stays Weak The Japanese Nikkei fluctuated between gain and loss as the week started as GDP miss failed to provided a clear direction to the markets. Outside of Japan, sentiments were lifted by China's lending data. In the forex markets, dollar extended broad based weakness as last week's decline continued. Dollar index breached 80 handle briefly but is back above this level at the time of writing. Sterling remains the strongest currency on rate expectations. The New Zealand dollar is hit by weak retail sales data and is the second weakest currency so far, next to dollar. Yen is mixed despite the GDP miss. Full Report Here...
Featured Technical Report
USD/JPY Daily Outlook Daily Pivots: (S1) 101.45; (P) 101.93; (R1) 102.29; More... Intraday bias in USD/JPY remains on the downside for momentum. Today's dip and breach of 101.43 minor support affirms that recovery from 100.75 has completed at 102.70 already. Deeper decline would be seen back to 100.61 key support level. Decisive break there will confirm medium term topping at 105.41 on bearish divergence condition in daily MACD and bring dealer towards 96.56 support. On the upside, above 102.77 will turn focus to 103.44. Break there will argue that USD/JPY has defended 100.61 key support and bottomed and would turn bias back to the upside for retesting 105.41. Read more... EURUSD Technical Outlook USDJPY Technical Outlook GBPUSD Technical Outlook USDCHF Technical Outlook USDCAD Technical Outlook AUDUSD Technical Outlook EURJPY Technical Outlook EURGBP Technical Outlook EURCHF Technical Outlook GBPJPY Technical Outlook

Economic Indicators Update

GMT	Ccy	Events	Actual	Consensus	Previous	Revised
21:45	NZD	Retail Sales Ex Inflation Q/Q Q4	1.20%	1.70%	0.30%	0.20%
23:50	JPY	GDP Q/Q Q4 P	0.30%	0.70%	0.30%
23:50	JPY	GDP Deflator Y/Y Q4 P	-0.40%	-0.20%	-0.30%
0:01	GBP	Rightmove House Prices M/M Feb	3.30%		1.00%
4:30	JPY	Industrial Production M/M Dec F	0.90%	1.10%	1.10%

Orders and Options Watch

US Session: Orders and Options Watch

EUR: The single currency maintained a firm undertone but sell orders are still seen at 1.3730-50 area and further out at 1.3775-80 (more stops above), fresh selling interest should emerge around 1.3800-10. On the downside, bids remain at 1.3670-75 and 1.3650-55 with stops building up below 1.3645, more buyers are sitting at 1.3625-30 and 1.3600 (more stops below figure).

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Forex Trade Ideas

Trade Idea: USD/JPY - Hold long entered at 101.50

Despite intra-day initial brief fall to 101.39, as broad outlook is still consolidative, reckon downside would be limited to 101.20-25 and bring rebound later, above the upper Kumo (now at 102.11) would signal low is possibly formed, bring test of resistance at 102.41, once this level is penetrated, this would signal retreat from 102.70 has ended and bring retest of this level

Trade Idea: EUR/USD - Buy at 1.3640 or sell at 1.3775

As the single currency rose again after brief pullback, suggesting near term upside risk remains for recent upmove from 1.3477 to extend further gain to previous resistance at 1.3740 and possibly towards 1.3760-65 (100% projection of 1.3483-1.3683 measuring from 1.3562) but near term overbought condition should prevent sharp move beyond 1.3775-80, risk from there is seen for a retreat to take place later.